Videos

Market participants – both buyers and sellers – need a sense of prices in order to enter into trades. Larry Fondren, founder, president and COO of DelphX, speaking with TABB Group partner and COO Alex ...

The common element among regulatory changes and market structure evolution often is the technology that underpins the markets, says Christopher Messina, SVP of business development for ARRIA NLG. And the ...

Month-over-month the VIX average close increased from 16.3 to 19.1, the highest monthly volatility since June 2012. During the same period, off-exchange volume decreased from 35.0% to 34.5%.

Notable Industry Events:

Equity Market Structure Advisory Committee: The SEC announced the Equity Market Structure Advisory Committee members on 1/13/15. There are 17 members with 2-year terms. The STA filed a comment letter regarding the membership of the committee on 1/23/15. The STA recommended the SEC add a representative from a retail brokerage firm to the committee prior to its first meeting.

New Dark ATS: On 1/20/15 nine investment managers announced they plan to launch a new equity trading venue, called Luminex. Luminex will be focused on more efficiently sourcing block liquidity and will open for trading in 2015. The nine founding firms include BNY Mellon, BlackRock, Capital Group, Fidelity Investments, Invesco, J.P. Morgan Asset Management, MFS Investment Management, State Street Global Advisors and T. Rowe Price.

New Market Data Feed: IEX revised the launch date for its top of book feed (TOPS) to 4/1/15. The feed will only include quotes (not trades) and the quotes will not be protected under RegNMS’ Order Protection Rule. Only orders that have a displayed indicator will be reflected in TOPS.

FINRA ADF Update: LavaFlow ECN ceased operations on 1/30/2015. The FINRA Alternative Display Facility (ADF) will still be operational; however, until a new ADF market participant is retained, FINRA will cease to send ADF quotation and trade data to the SIPs.